Singapore sovereign wealth fund GIC has acquired a 5.05% stake in US-based event management and ticketing website Eventbrite, a filing with the Securities and Exchange Commission showed.
As part of the transaction, GIC picked up a total of about 3.81 million shares. Around 3.74 million of those shares have sole voting power, while 75,000 of them have shared voting power with the Monetary Authority of Singapore (MAS).
Eventbrite shares on Monday closed at $16.83, up from $9.91 a year ago (August 16,2020) but down from its 2021 peak of $25.81 in March.
The company reported a net loss of $20.5 million in the second quarter of this year as against $38.6 million in the same quarter last year. Its net revenue stood at $46.3 million, up 450% from $8 million in the same period last year.
The company said in its outlook that it expects paid ticket volume and net revenue to be higher in the third quarter of 2021 than in the same period last year, although it expects month-to-month paid ticket trends to be more variable based on the potential impact of COVID variants.
Among GIC’s recent deals, the Singapore SWF announced an increase in its stake in IDX-listed Bukalapak to 11% following an investment of 1.4 trillion rupiah ($95 million) into the e-commerce platform that went public earlier this month. In July, online travel portal ixigo had raised about $53 million through a combination of primary and secondary issuance of shares led by GIC. In the same month, GIC announced its investment in US-based Qmerit, a green energy firm that installs electric vehicle (EV) charging stations in residential and fleet areas. GIC also acquired an undisclosed minority stake in Brazilian biological agricultural inputs company Biotrop Solucoes Biologicas.